31 May 2016

RIL sells stake in African oil retailer GAPCO

RIL sells stake in African oil retailer GAPCO

Reliance Industries, a conglomerate holding company headquartered in Mumbai has sold its stake in African fuel retailer Gulf Africa Petroleum Corporation (GAPCO) to Total S. A. of France for an undisclosed sum. With this sell, Total S. A. has become the care taker of Kenya, Uganda and Tanzania's GAPCO business. Total S.A., a French multinational integrated oil and gas company is a leading retailer of petroleum products in Africa. 

In the year 2007, RIL overseas arm Reliance Exploration & Production DMCC had bought these fuel stations and storage facilities in Africa with owning 76 % stake while Fortune Oil Corporation, Mauritius has the remaining. As the Gulf Africa Petroleum Corporation is a holding company incorporated in Mauritius by FOC and GAPCO which affiliates in Kenya, Uganda and Tanzania. But at the time of its starting only RIL has owned GAPCO shares completely which is 76 %.

So let's discuss some questions related to this post :
1. Name the company which has sold its stake in African oil retailer GAPCO to Total S.A. ?
2. Total S.A. is an oil and gas company of which country ?

Courtesy : Financial Express

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